COPL is 100% out of cash based on their cash balance as of March 31 plus the additional dilutive financing at their current burn rate of $400K USD per month. Personally, I think the gig is up. It would pretty much take a miracle at this point to see OPL 226 succeed.
"Well someone clearly knows something" because of a large buy. Just stop it, the MM's have been playing us all like a fiddle. That's it. Now we wait until another placing or the next quarterly out next week which will give us a very vague "update" of where things are at.
Jiving, the board was warned many many times of Art's ways. He does not care about private investors and will do whatever it takes to keep his "company" alive and his fat salary going. This should not be news to anyone on this board. Also, nice to see Vienna back with a new handle.
Yeah, I've got one. How on Earth will a bank and or service provider finance this project when we don't even officially control it? We have yet to receive ministerial consent for the transaction of the block.
Looks like we'll have to wait yet again until the quarterly to get whatever crumbs the company discloses to us pesants. The carrot dangling continues. It'll likely be to the tune of what S-M posted yesterday though.
I can't find them either. Is this just your prediction SM? Pretty funny if so haha!
coin flip at this stage. At least from what little has been disclosed, it's really hard to decipher what's actually going on behind the scenes.
Groover, COPL has been running since 2009 and has yet to produce a single drop of oil. If you've been around as long as I have your position has been diluted by 90 + percent, meanwhile the share price has fallen 4000%. So as a very long term and disgruntled shareholder I'll say whatever the hell I want.
My view on this is getting increasingly pessimistic as the weeks go by to be honest guys.
mannnan, well my simple arithmetic coupled with the quote NoEasy posted from the prospectus makes the picture crystal clear to me.
They are out of cash based on my math, I'm thinking we see an RNS this week. My bet is a placing to string this out another month or two. Hope I'm wrong but history says otherwise.
Just dangling the OPL226 carrot as he does.
Yeap, and another placing at these levels will destroy any potential for shareholder value. I hate to be the bearer of bad news, but if COPL didn't reduce their monthly G&A costs, the numbers really don't lie. They are out of cash.
Me too Sub, but the way this is going we're going to be waiting a long time. I read one of the news releases from last summer when they raised at .32... "finance package imminent". That was almost 1 year ago.
Starting to think your prediction earlier this year is correct. I don't think a single well will be drilled this year.
2 years? Try 9 bud. They've been milking shareholders for $400k per month since like 2010.
10bags, this is just typical Art dangling the carrot. He has some people on this board convinced that's for sure. My bet is we see another placing before we see any kind of material news relating to OPL 226.
"huge salary" completely funded by shareholder money, you left that gem out.
Well said Rktech. I certainly agree that no news is bad news, Art has never been good with disclosure and doesn't seem to care about keeping investors in the dark. I can tell you that CDNOilSupporter's post was very sincere and he did not want to breach Art's trust and has respected that all along. What is frustrating is the level of uncertainty that still plagues this play, I have no concrete way of knowing another placing isn't right around the corner.
One week closer to another placing. Cash position is gone imminently.